SAN DIEGO, Jan. 15 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR) announced today the signing of two lease extensions in Cambridge, Massachusetts with Vertex Pharmaceuticals Incorporated, totaling over 292,000 square feet at BioMed's 40 Erie Street (also known as Vertex's Corporate Headquarters at 130 Waverly Street) and 200 Sidney Street properties. Both leases now extend through December 31, 2015. In total, Vertex leases approximately 685,000 square feet at five BioMed properties, including approximately 604,000 total square feet in Cambridge and 81,000 square feet in San Diego.
This early renewal successfully addresses BioMed's largest, single tenant lease expiration in the next five years. BioMed's proactive approach to leasing and renewals has resulted in less than 3% of annualized based rents expiring in 2009 and less than 5% of annualized base rents expiring in 2010. In aggregate across its portfolio, BioMed's weighted average remaining lease term is approximately nine years.
"BioMed remains focused on being the leading provider of real estate to the life science industry, and these lease renewals demonstrate our strong relationship with Vertex and their ongoing commitment to our properties in both the Cambridge and San Diego core biotech markets," said Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty Trust. "We look forward to supporting Vertex as their company advances in the years ahead."
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry(R). The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty Trust owns or has interests in 69 properties, representing 112 buildings with approximately 10.4 million rentable square feet, including approximately 1.4 million square feet of development in progress. The company also owns undeveloped land parcels adjacent to existing properties that it estimates can support up to 1.4 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research. Additional information is available at http://www.biomedrealty.com.
Vertex Pharmaceuticals Incorporated is a global biotechnology company committed to the discovery and development of breakthrough small molecule drugs for serious diseases. The Company's strategy is to commercialize its products both independently and in collaboration with major pharmaceutical companies. Vertex's product pipeline is focused on viral diseases, inflammation, autoimmune diseases, cancer, pain and cystic fibrosis. Vertex co-discovered the HIV protease inhibitor, Lexiva, with GlaxoSmithKline.
Lexiva is a registered trademark of the GlaxoSmithKline group of companies.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); adverse economic or real estate developments in the life science industry or the company's target markets; risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; potential liability for uninsured losses and environmental contamination; risks associated with the company's potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the company's dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see the reports filed by the company with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
|SOURCE BioMed Realty Trust, Inc.|
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